Half Year 2024 Addiko Bank AG Earnings Call Transcript
Key Points
- Addiko Bank AG (WBO:ADKO) reported a 31% year-on-year increase in net profit, reaching EUR25.5 million.
- The return on average tangible equity improved from 5.4% to 6.6% year-on-year.
- Net interest income increased by 11.5% despite higher funding costs, and net commission income grew by 8.4%.
- The bank's NPE ratio decreased to 2.8%, with a strong NPE coverage ratio of 80.7%.
- The capital position remains robust with a 20.4% fully loaded CET1 ratio, indicating strong financial health.
- The SME business growth slowed down due to market factors, impacting overall business performance.
- Extraordinary expenses related to shareholder activities amounted to EUR2.9 million, affecting the first half results.
- Operational expenditures for 2024 are expected to increase from below EUR191 million to below EUR195 million.
- The bank faces challenges in the SME segment, particularly in Serbia, with some portfolio worsening.
- Uncertainty surrounds the success of the NLB takeover offer due to unclear situations with significant shares locked in option contracts.
Good afternoon, ladies and gentlemen. I would like to welcome you to the presentation of the half year results 2024 of Addiko Bank, together with my colleagues, Ganesh, Edgar, Tadej and Constantin. Let me show you the today's agenda.
In the beginning, I will present to you the key highlights of our results and give you the status of the recent events, including its implications on the outlook for 2024. Ganesh will continue with our achievements on the business side. After that, Edgar will give you more insight on our financial performance, and Tadej will inform you about the progress in the risk area. Finally, I will do a quick wrap-up before we move on to Q&A.
So, let's start with a positive note. We are happy that we were successful in improving our results in the first half of 2024. Our net profit went up by 31% year-on-year from EUR19.5 million to EUR25.5 million. This leads to EUR1.32 earnings per share in the first half of the year.
The return on average tangible equity went up from 5.4% in the first half of
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